Munich Re’s global specialty insurance business has announced the upcoming retirements of Greg Barats, CEO and President of HSB, and Andreas Kleiner, CEO and President of American Modern Insurance Group.
Jeffrey C. O’Shaughnessy has been appointed to succeed Barats as CEO and President of HSB, and Kathleen O. Zortman will assume the role of CEO and President of American Modern, both effective March 2, 2026.
O’Shaughnessy and Zortman will collaborate closely with their predecessors over the coming months.
Mike Kerner, Member of the Board of Management responsible for Global Specialty Insurance (GSI) at Munich Re Group, commented: “Greg and Andreas have each made lasting contributions to Munich Re’s success and to the industry at large.
“Their leadership has helped shape HSB and American Modern into organizations known for expertise, stability and partnership. Munich Re remains deeply invested in these parts of our value proposition along with delivering solutions that help our clients and partners succeed.”
Kerner continued: “As Munich Re Specialty continues to expand our specialty insurance footprint worldwide, these leadership transitions underscore our commitment to sustainable growth, innovation, and leadership development within Munich Re Group.”
Since being appointed CEO in 2011, Barats has significantly advanced HSB’s standing as a leading provider of specialty insurance, global engineering, and technology services across the US, Canada, UK, and Ireland, overseeing exceptional growth and performance, says the firm.
His extensive responsibilities include serving on the Munich Re Global Specialty Insurance Executive Board, leading Munich Re’s Global Internet of Things (IoT) business, and directing the global Artificial Intelligence (AI) and Generative AI insurance initiatives for both HSB and Munich Re.
Barats has also served on the Hartford HealthCare Board of Directors since 2019 and his commitment to the greater Hartford community has included support for numerous charitable organisations.
“My time at HSB has been the most rewarding of my professional career,” said Barats. “I am proud of the work our team of employees around the world has accomplished over the past 15 years, harnessing innovation, engineering, and technology to help transform the future of specialty insurance and risk management. HSB is well-positioned to continue to create new solutions for the exposures of tomorrow.”
Kleiner has served as American Modern’s CEO and President since 2016, having successfully transformed the company, improving efficiency, employee engagement, and customer experience.
With 30 years at Munich Re, he has held senior global leadership roles across the US, Europe, Asia, and Africa. He is on the Munich Re Global Specialty Insurance Executive Board, and under his leadership, American Modern has been a “Cincinnati Top Workplace” for 10 years.
“I have thoroughly enjoyed the last 10 years at the helm of American Modern,” said Kleiner. “I have had the honour of working with a great team, and jointly, we have achieved a great deal. It has been a very rewarding experience, and I will look back with very, very fond memories. I believe that American Modern is across the board well-positioned for the future, which leaves me feeling positive as I hand over the baton to my successor.”
O’Shaughnessy joined HSB in 2002, and currently serves as president of HSB Portfolio Risk Solutions, managing HSB’s assumed reinsurance business and overseeing the division’s products, underwriting, and relationships with client insurance companies and strategic partners.
Previously, he served as global chief underwriting officer and has led the development of a number of HSB’s strategic products over the years.
With over three decades of experience in property and casualty insurance, Zortman has a strong record of leading organisational transformation, optimising portfolios for sustainable profitability, and building high-performance teams that deliver operational and underwriting excellence.
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